M&A Deal Summary

Apollo Global Management Acquires Cox Media Group

On December 17, 2019, asset manager Apollo Global Management acquired media company Cox Media Group from Cox Enterprises

Acquisition Highlights
  • This is Apollo Global Management’s 3rd transaction in the Media sector.
  • This is Apollo Global Management’s 67th transaction in the United States.
  • This is Apollo Global Management’s 1st transaction in Georgia.

M&A Deal Summary

Date 2019-12-17
Target Cox Media Group
Sector Media
Buyer(s) Apollo Global Management
Sellers(s) Cox Enterprises
Deal Type Divestiture

Target

Cox Media Group

Atlanta, Georgia, United States
Cox Media Group is an integrated broadcasting, publishing, direct marketing and digital media company that includes the national advertising rep firms of CoxReps. CMG provides valuable local content to viewers in the communities in which it serves. Cox Media operations primarily include 33 high-quality, market-leading television stations in 20 markets, 54 radio stations in 10 markets and numerous over-the-top (OTT) and digital platforms. Cox Media Group's portfolio includes primary affiliates of ABC, CBS, FOX, NBC, and MyNetworkTV, as well as several valuable independent stations. Additionally, the company also offers a full suite of local and regional advertising services with Local Solutions. Cox Media Group is based in Atlanta, Georgia.

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Buyer(S) 1

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 93 of 140
Sector (Media) 3 of 4
Type (Divestiture) 18 of 26
State (Georgia) 1 of 2
Country (United States) 67 of 101
Year (2019) 11 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-13 Tech Data

Clearwater, Florida, United States

Tech Data is a distributor of technology products, services, and solutions. Its advanced logistics capabilities and value-added services enable 125,000 resellers in more than 100 countries to support the technology needs of end-users. Tech Data was formed in 1974 and is based in Clearwater, Florida.

Buy $5.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-13 Takkion

Dallas, Texas, United States

Takkion is a premier multimodal logistics and O&M services provider for the energy transition. Takkion was founded in 2019 and is based in Dallas, Texas.

Buy -

Seller(S) 1

SELLER

Cox Enterprises

Atlanta, Georgia, United States

Category Company
Founded 1898
Sector Diversified
Employees50,000
DESCRIPTION

Cox Enterprises is a global conglomerate with interests in communications, media, and automotive services. The company operates through its major subsidiaries, including Cox Communications, which is one of the largest broadband and entertainment companies in the United States, providing high-speed internet, digital television, and telephony services. Cox Automotive is another significant division, offering a wide array of automotive services and solutions, including vehicle remarketing, digital marketing, software solutions for automotive dealers, and financial services. Cox Media Group, although its portfolio has evolved over the years, has been involved in broadcasting, publishing, and digital media. Cox Enterprises was founded in 1898 and is headquartered in Atlanta, Georgia.


DEAL STATS #
Overall 2 of 3
Sector (Media) 1 of 1
Type (Divestiture) 1 of 1
State (Georgia) 2 of 2
Country (United States) 2 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-18 Southern Experience

Atlanta, Georgia, United States

Southern Experience LLC (Experience) is a cloud based fan experience technology company dedicated to making sure fans enjoy live events to the fullest extent possible.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 Cox Media Group - Three Ohio Newspapers

Atlanta, Georgia, United States

Cox Media Group, Inc. - Three Ohio Newspapers comprise the Dayton Daily News, the Springfield News-Sun, and the JournalNews.

Buy -